In the budget meeting for the fiscal year 2024-2025, India’s Finance Minister Nirmala Sitharaman upheld the existing tax regulations on cryptocurrencies, leaving the controversial tax-deducted-at-source (TDS) rate at 1% unchanged. This decision follows a significant urge from the crypto sector, which had asked for a reduction of the TDS to
Web3 security firm Cyvers has detected multiple suspicious transactions involving prominent Indian exchange WazirX’s Safe Multisig wallet on Ethereum. According to an X post, it is believed that $234.9 million of funds in the Multisig have been moved to a new address. Each transaction’s caller was funded by Tornado Cash,
The Indian rupee dived 0.2% to an all-time low of 83.6512 against the U.S. dollar, surpassing the early low of 83.5750 hit in April, according to the Bloomberg-compiled prices. The current low was amid continuous foreign fund outflows in the equity market and the strengthening of the greenback. This decline
The Orissa High Court in India recently stated in a Ponzi scheme accusation case, that crypto trading is not illegal. The announcement has pronounced the country’s stand on cryptocurrency amidst recent regulations discussions. According to sources, the case included two individuals who were accused of defrauding people through a Ponzi or
Indian Finance Minister Nirmala Sitharaman gears up to present the Union Budget on February 1, 2024. Whilst that, the Indian crypto community is holding its breath in anticipation of crucial developments that could shape the future of the burgeoning digital asset landscape in the country. In the wake of the
In a recent candid interview with a popular media platform, the Reserve Bank of India (RBI) Governor, Shaktikanta Das made it clear that cryptocurrencies are a firm “no” for the central bank. However, he didn’t shy away from acknowledging the merits of blockchain technology, particularly in the RBI’s Central Bank
A number of prominent cryptocurrency exchanges’ mobile apps have simply vanished from India’s Apple App Store. These apps include Binance, Kraken, Mexc, and Kucoin, among others. This action is being taken a week and a half after these exchanges were named for supposedly running “illegally” inside the nation. The Indian
For failing to comply with registration regulations, Indian authorities have issued a warning to nine cryptocurrency exchanges: Binance, Kucoin, Huobi, Kraken, Gate, Bittrex, Bitstamp, MEXC, and Bitfinex. A statement from the Financial Intelligence Unit India (FIU IND) states that nine overseas VDA SPs were sent compliance Show Cause Notices. To
A senior Indian politician in charge of the country’s financial development has said that the country is not expected to introduce a crypto or Web3-specific legislative measure until at least the middle of 2025. Chair of the Standing Committee on Finance Jayant Sinha was speaking at the India Blockchain Week
The Central Bureau of Investigation (CBI) of India is said to have selected digital asset custodian Liminal to handle the administration of confiscated digital assets. Liminal has previously assisted a CBI operation by forming a specialized team that developed multi-signature and multi-party computation wallets for the secure storage of confiscated
